Crypto markets have taken a sharp downturn, today, July 27, with all of the top ten coins by market cap hit by hefty losses and Bitcoin (BTC) dipping back below the $8,000 psychological price point, as data from Coin360 shows.

The grim market picture is likely due to yesterday’s breaking news that the Winklevoss Twins’ application for a Bitcoin exchange-traded fund (ETF) has now been rejected for a second time by the U.S. Securities and Exchange Commission (SEC).

Bitcoin (BTC) is trading around $7,915 to press time, down about 4 percent on the day. After leading last week’s impressive market uptick and hitting as high as $8,431 July 25, the coin tumbled over $400 within the space of 3 hours earlier today.

Bitcoin has since slightly recovered from its intraday low at around $7,874 — and its weekly and monthly price performance remains in the green, up around 6 and 30 percent respectively.